#USHouseMarketStructureDraft
Reactions from within the crypto industry emerged quickly after the publication of the bill, with industry experts also weighing in on the structural changes it proposes. Matthew Sigel, head of digital asset research at Vaneck, commented on the social media platform X: "The new U.S. crypto market structure bill has just come out. It seems like a significant improvement over FIT21." He explained that the proposed legislation removes income and wealth thresholds for retail investors and eliminates accredited investor and suitability requirements.
Additionally, Sigel pointed out that it introduces a decentralization test that requires disclosure of any holder with more than 10% ownership while the project remains centralized and ensures that there is no unilateral control. Non-custodial DeFi protocols that do not exercise user discretion would be exempt. The bill defines stablecoins without labeling them as securities and offers an optional pathway for pre-registration, along with the creation of joint rules by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Sigel described it as a solid start. Justin Slaughter, Vice President of Regulatory Affairs at Paradigm, described the draft as "an incremental yet significant rewrite of FIT21" that modifies oversight procedures and alters the pathway to recognizing decentralization. He opined:
Overall, this bill would again make the CFTC the dominant crypto regulator, but it still gives jurisdiction to the SEC until a network establishes decentralization.
